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Current Status Bill Number:View additional legislative information at the LPITS web site.5039 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20000504 Primary Sponsor:Fleming All Sponsors:Fleming Drafted Document Number:l:\council\bills\gjk\21326sd00.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property Tax Relief Fund, Reassessments, Taxation, Political Subdivisions, Counties; limit on millage levied, etc. History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20000504 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 12-37-251, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TRUST FUND FOR TAX RELIEF AND LIMITS ON THE AMOUNT OF MILLAGE WHICH MAY BE LEVIED IN A YEAR OF REASSESSMENT, AND TO AMEND SECTION 12-43-280, AS AMENDED, RELATING TO A LIMITATION OF THE TOTAL AMOUNT OF AD VALOREM TAX REVENUE COLLECTIONS IN A YEAR OF REASSESSMENT, SO AS TO PROVIDE THAT IN A YEAR OF REASSESSMENT, THE MILLAGE LEVY IMPOSED BY ANY TAX LEVYING ENTITY IN A COUNTY MAY NOT EXCEED THAT WHICH WOULD RESULT IN MORE AD VALOREM PROPERTY TAX REVENUE COLLECTIONS THAN THE AMOUNT RECEIVED THEREFROM IN THE PREVIOUS YEAR, AND TO PROVIDE FOR EXCEPTIONS; AND TO REPEAL SECTION 12-43-290 RELATING TO PURPOSES FOR WHICH ADDITIONAL MILLAGE MAY BE IMPOSED IN YEARS OF REASSESSMENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-251(E) of the 1976 Code, as last amended by Act 442 of 1998, is further amended to read:
"(E) Rollback millage is calculated by dividing the prior year property tax revenues by the adjusted total assessed value applicable in the year the values derived from a countywide equalization and reassessment program are implemented. This amount of assessed value must be adjusted by deducting assessments added for property or improvements not previously taxed, for new construction, and for renovation of existing structures. In a year of equalization and reassessment, the millage levy imposed by any tax levying entity in a county, including the county, and any municipalities, school districts, or special purpose or public service districts therein, may not exceed that which would result in more ad valorem property tax revenue collections than the amount received in the previous year; provided, that if a tax-levying entity has limited fiscal autonomy it may impose additional millage up to the authorized limits for any year if the additional authorized millage levy in a year of reassessment is adjusted to reflect the higher or lower value of a mill in that jurisdiction. This provision does not prohibit an increase in ad valorem tax revenue collections due property not previously taxed, new construction, or the renovation of existing structures taking place during the reassessment period."
SECTION 2. Section 12-43-280(A) of the 1976 Code, as last amended by Act 381 of 1988, is further amended to read:
"(A) Upon completion of an equalization and reassessment program as required by this article, the total ad valorem tax, for any county, school district, municipality, or any other political subdivision, may not exceed the total ad valorem tax of the county, school district, municipality, or any other political subdivision for the year immediately prior to completion by more than one percent, if the increase in total taxes was caused by the equalization and reassessment provided by this article that which would result in more ad valorem property tax revenue collections than the amount received therefrom in the previous year; provided, that if a tax levying entity has limited fiscal autonomy, it may impose additional millage up to the authorized limits for any year if the additional authorized millage levy in a year of reassessment is adjusted to reflect the higher or lower value of a mill in that jurisdiction. This does not prohibit an increase in the total ad valorem tax collections as a result of the assessments added for property or improvements not previously taxed, for new construction, or for renovation of existing structures taking place during the reassessment period."
SECTION 3. Section 12-43-290 of the 1976 Code is repealed.
SECTION 4. This act takes effect upon approval by the Governor.
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